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Warning about why nations fail

Warning about why nations fail | Domestic Politics, Foreign Policy & Culture | Scoop.it
"Inclusive economic institutions that enforce property rights, create a level playing field, and encourage investments in new technologies and skills are more conducive to economic growth than extractive economic institutions that are structured to...

 

Co-written by the MIT economist Daron Acemoglu and the Harvard political scientist James A. Robinson, "Why Nations Fail" argues that the key differentiator between countries is "institutions." Nations thrive when they develop "inclusive" political and economic institutions, and they fail when those institutions become "extractive" and concentrate power and opportunity in the hands of only a few.

"Inclusive economic institutions that enforce property rights, create a level playing field, and encourage investments in new technologies and skills are more conducive to economic growth than extractive economic institutions that are structured to extract resources from the many by the few."

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LOTTO Winners, beware! Meet the four who went from jackpot to jack squat

LOTTO Winners, beware! Meet the four who went from jackpot to jack squat | Domestic Politics, Foreign Policy & Culture | Scoop.it

One of the saddest tales is that of Jack Whittaker, the cowboy-hat-wearing West Virginia contractor who scored a $315 million Powerball win in December 2002.

Already a millionaire, Whittaker pledged to give 10 percent of his fortune to charity. But legal and personal problems took a heavy toll, and he started hitting the sauce and hanging out at sleazy jiggle joints.

Just eight months after his big score, he was robbed of $545,000 in a strip club. A month later, his granddaughter died of an overdose from drugs bought with an allowance from him. A short time later, his daughter also died of a drug overdose

“I wish I’d torn that ticket up,” Whittaker sobbed to reporters at the time.

By January 2007, Whittaker told cops thieves had emptied his bank accounts.

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ISRAEL - Model for American Border Security - No More Mr. Nice Guy!

ISRAEL - Model for American Border Security - No More Mr. Nice Guy! | Domestic Politics, Foreign Policy & Culture | Scoop.it
Sinai border fence half finished, will be 94% completed by October; Talk turns to building similar barrier on Golan, Jordanian border...

 

Israel will encircle its land borders with physical barriers that give it the ability to control its boundaries, Prime Minister Binyamin Netanyahu said Tuesday on a tour of the 4.7- meter-tall, 242-kilometer-long fence going up along the Egyptian border.

Netanyahu flew by helicopter to the border with Sinai, as he has done at six-month intervals over the past three years, to look at the progress on building the barrier that will extend from Kerem Shalom near the Gaza Strip to Eilat on the Red Sea.

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Sultan Knish: Utopia's Free Lunch

Sultan Knish: Utopia's Free Lunch | Domestic Politics, Foreign Policy & Culture | Scoop.it

Lunch is a nice meal and a free lunch is even nicer. The problem with free lunches is that someone always has to pay for them. Lunches don't grow on trees, unless they're fresh fruit, the ingredients have to be gathered, processed, shipped, mixed, prepared, packaged, shipped again and put on your plate by a waiter working in an establishment that has to pay rent, heating, electricity and salaries.

A free lunch isn't just free food, it's the entire human and mechanical infrastructure needed to get it ready and subsidizing a free lunch means paying for that entire infrastructure. That's one reason why some states and cities are slipping into bankruptcy like a man who has had too many martinis over lunch. It's not just the free lunch that's expensive, it's the often inflated cost of the lunch delivery system that is killing everything.

The free lunch began as the Bread and Circuses which had its roots in a Roman bread dole. Free or subsidized bread is still a feature of political life in many parts of the world, including Egypt where the revolution had more to do with the price of bread than with democracy. The Muslim Brotherhood offered voters food giveways, turning Bread and Circuses into Bread and Beheadings, which is also a circus of sorts.

Free Egyptian bread started out as American subsidized aid. The world's free lunch is still doled out in Washington D.C. where the Senate dining rooms had to be privatized after losing 18 million dollars. A government that can't even run a cafeteria without losing millions of dollars can't run anything else without losing billions or trillions doing it.

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President Obama Looked Across the Border into North Korea and Saw the Future of America

President Obama Looked Across the Border into North Korea and Saw the Future of America | Domestic Politics, Foreign Policy & Culture | Scoop.it

A news story that has not made a big splash in the United States is the overwhelming defeat of the Socialists in Australia. The extent of the defeat was so great that it’s been compared to Gen. George Custer’s Last Stand at the June 1876 Little Big Horn massacre. The American Thinker reports:Some of the Seats lost by the socialists had been held by them for 100 years. The result means that the socialists will need some 15 years to re-build and may not warm the government benches for a generation.

 

Now if only our 2012 election will net similar results.

 

While the socialists were going down to defeat in Australia, President Obama was visiting South Korea. Someone handed him a pair of binoculars so he could look across the border into North Korea. And what did he see? The future of the United States if he, his fellow Democrats, and RINOs are not defeated in November.

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